In the last week XAUUSD has traded in a very narrow range around $1730 after having recently bounced off the solid support at $1675. In the few weeks prior, gold had eased a little from its eight year high around $1765 back towards the key $1675 level which has propped up gold well in the last two months. At the start of May, gold rallied higher to reach the eight year high above $1760, again off solid support at $1675. For the last two months now, gold has enjoyed solid support from $1675, and it has rallied off this level on a few occasions keeping gold near the multi-year highs. This is the most significant level presently and is highly likely to provide more support should gold continue to decline.